CALGARY, Alberta, Nov. 02, 2026 (GLOBE NEWSWIRE) — Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces that its Board of Directors has approved the grant of 250,000 stock options to Mr. Ryan Kubik, CPA, CFA, ICD.D, who was appointed as a director of the Company effective October 1, 2026, pursuant to the Company’s stock option plan (the “Stock Option Plan”) approved by shareholders at the Company’s annual general meeting held on February 19, 2026.
The stock options — which have been granted at the same exercise price as the stock options granted to employees, officers and directors announced in the Company’s news release dated August 26, 2026 — are each exercisable for one common share of the Company at an exercise price of C$0.79 per share for a five-year term (expiring November 2, 2031) and vest in accordance with the Stock Option Plan.
Stock options granted under the Stock Option Plan are intended to align the interests of the Company’s directors with those of shareholders by linking a portion of director compensation to the Company’s long-term share-price performance. Details of the Stock Option Plan can be found in the Company’s management information circular dated January 8, 2026, available under the Company’s profile on Sedar+ (www.sedarplus.ca).
As Mr. Kubik is a director of the Company, the grant of stock options to him is considered a “Related Party Transaction” as defined in Multilateral Instrument 61-101 — Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from: (i) the formal valuation provisions of MI 61-101 as set out in section 5.5(b) of MI 61-101 (Issuer Not Listed on Specified Markets) on the basis that the Company is a TSX Venture Exchange listed issuer; and (ii) the minority approval provisions of MI 61-101 as set out in section 5.7(1)(a) of MI 61-101 (Fair Market Value Not More than 25% of Market Capitalization) on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the stock options granted to Mr. Kubik exceeded 25% of the market capitalization of the Company. The disinterested directors of the Company approved the grant of stock options to Mr. Kubik and no materially contrary view, or abstention was expressed or made by any director of the Company in relation thereto.
About ReconAfrica
ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences and access to approximately 13 million contiguous acres. The Company also operates the Ngulu block in the shallow waters offshore central Gabon covering 1,214 Km2 (equivalent to 54 Gulf of Mexico blocks) which is strategically located near producing oil fields and infrastructure. The Ngulu block includes the Loba oil field discovery and a large inventory of high-impact prospects in the pre-salt and post-salt plays. In all aspects of its operations, ReconAfrica is committed to minimizing disturbance of habitat, in line with international standards, and to implementing environmental and social best practices in its project areas.
For further information contact:
Brian Reinsborough, President & Chief Executive Officer
Mark Friesen, Vice President, Investor Relations & Capital Markets
IR Inquiries Email: investors@reconafrica.com
Media Inquiries Email: media@reconafrica.com
Tel: +1-877-631-1160
Cautionary Note Regarding Forward-Looking Statements:
Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the Option Grant. Forward-looking information is based on currently available information as of the date of this news release and on estimates and assumptions made by the Company, but involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those expressed or implied by the forward-looking information, including without limitation, business, economic and capital market conditions. Any forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking information. Please see the Company’s annual information form dated April 14, 2026, for the financial year ended December 31, 2025, available under the Company’s profile on SEDAR+ (www.sedarplus.ca), for a complete list of risk factors.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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